plus information on paycheck protection and economic injury disaster loan programs

(DISCLAIMER: This information is constantly changing. Illinois REALTORS® legal team will provide updates on how this affects employees of a brokerage; Broker-Owners; sponsoring brokers, etc.)

UPDATED Oct. 8, 2020 – Streamlined PPP forgiveness process available for loans of $50,000 or less

If you received a Paycheck Protection Program (PPP) loan of $50,000 or less and will be seeking forgiveness, there is a new application aimed at making the process simpler.

On Oct. 8, the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced the simpler forgiveness application for qualifying loans. The application, Form 3508S, can be downloaded, completed and turned into your lender.

Under the forgiveness application, borrowers must confirm eligible payroll costs, number of employees, and non-payroll costs such as mortgage, rent and utility obligations, according to an analysis from NAR.

Find the full Instructions for Completing Loan Forgiveness Application – Form 3508S and download a copy of the Simpler Loan Forgiveness Application – Form 3508S.

 

Important information about applying for Pandemic Unemployment Assistance (PUA):

  • Illinois Department of Employment Security offers a guide to Pandemic Unemployment Assistance.
  • You must apply for regular unemployment through the IDES state system before you apply for PUA.
  • If you applied for unemployment and were denied between April 1, 2019 and the current date DO NOT re-apply.  Instead go into the unemployment account you previously set up and set up direct deposit for payments you may receive in the future.
  • Have your 2019 tax return or proof of income ready and available when you log in or apply.  If you are not certain what documentation you need for proof of income consult with your accountant.
  • You will need to file a separate application for PUA (application and guidelines also on the IDES web page)

More information is available at ides.illinois.gov and on the IDES Facebook Page.

Regular employees 

If you are a regular employee, you may file according to the IDES posted guidance as to days of the week associated with your last name.  

Employers 

Follow guidance provided by IDES. 

The following information will help you contact IDES. 

 

Paycheck Protection Program (PPP)

On April 16, 2020, the Small Business Administration (SBA) had processed 14 years worth of loans in only 14 days and now the funds allocated for this program are exhausted, according to official reports. Both Congress and Treasury officials are seeking additional appropriations to make more funds available. You will need to check with your local lender to determine if you can still apply while the additional funding requests are pending in Washington. As soon as there is an update on funding, Illinois REALTORS® will inform members immediately. 

The federal government rolled out programs such as this and there are resources and links available. NAR created and updates Coronavirus: SBA CARES Act FAQ.

For more information on the latest developments in the COVID-19 coronavirus outbreak and how it affects Illinois, check out the Illinois REALTORS® Frequently Asked Questions.

Illinois REALTORS® Legal Hotline Attorney Anneliese Fierstos and Legislative Attorney Matt Rentschler contributed to this report.